Tehran Times – One of London’s top traders is launching a $500m (£307m) hedge fund in a move that signals the industry could be about to make a comeback following a disastrous year of losses in 2008.
Tony Chedraoui, who used to run the The Deephaven European Event Fund, has started up Tyrus Capital, a global hedge fund that will focus on trading events, such as merger deals.
Mr. Chedraoui is expected to attract strong interest from backers and investors, said investment advisers. This is because the Deephaven European Event Fund, which last year won the EuroHedge award for best performance in 2008, managed to weather the financial crisis to rise by around 17.31 percent. The average event-driven fund was down 14.91 percent in 2008, according to the HSBC index. According to well-placed sources, Mr. Chedraoui has already employed 14 former colleagues from the Deephaven European Event Fund and hopes to start actively trading later in the year.
